Obama Financial & Tax Watch List
Federal changes to watch for in 2009-2010:
- Raise income tax top bracket to 39.5% and dividends and long term capital gains from 15% to ordinary rates (Campaign Promise)
- Middle class tax cut for 95% of taxpayers- Refunds to people who don’t pay taxes is income redistribution. How much and to who? What will be impact? (Campaign Promise)
- Bush tax cuts expire 2010. Will they be renewed? (See other web page of Bush Tax Cuts)
- Gas tax- will the federal gas tax be increased to pay for energy alternatives?
- Energy tax- Carbon trade off credits; cap & trade scheme. “Global warming” problem is now called “climate change” problem. Will there be an energy tax or will energy costs significantly increase due to supply shortages?
- Health care- National health care may be mandatory. What will be the tax implications? Raise payroll tax limit on upper wage earners? (Campaign Promise)
- Family Leave Act changes- mandatory 7 days sick pay paid by employers > 15 employees. Companies with 50 or more employees can take up to 12 weeks of unpaid leave. Proposed new law reduces company size to 25 employees; States may mandate paid leave up to 6 weeks with federal incentives.
- 401K Changes- Some Democrats on Capital Hill would recommend ending tax deductible contributions to retirement plans.
- Estate Tax- current exemptions expire December 31, 2010. What will be new exemption?
- Minimum wage increases- Free trade protectionism / Union card check. What will be economic impact?
- Economy Bailout- Record deficits/Record National Debt/ Stimulus Bill – Lehman Brothers, AIG, Citigroup, GM, Bear Stearns, Wachovia. Who’s next?
- Fannie Mae & Freddie Mac and Community Reinvestment Act. Where’s the oversight of the oversight? Is the Federal Government causing or enabling financial crisis?
For more information and tax strategies, e-mail or call 225-292-7434 or 985-674-9092.